Kinda Boring

March 18, 2024

Good morning,

Stocks and bonds had a bumpy week following stronger CPI/PPI inflation data, and the corresponding expectation re-set by the bond market around inflation and future Fed decisions. For stocks, it was another week of inching higher. The S&P 500 Index closed the week up another whooping +0.13%. It was worse for bonds however. Yields rose on the week and now sit just below last month’s highs.

This week has two notable events: the Nvidia GPU Technology Conference (today – Wednesday), and the conclusion of the two-day Fed meeting on Wednesday afternoon. There are more than a few pundits arguing that Nvidia’s “AI Conference”  could be as important for the stock market as the Fed meeting. Point taken: Futures are pointing to a higher open this morning (+.75%), with AI-related stocks driving the bulk of that move (Nvidia alone is up +2.5% premarket).

It’s been a kinda boring market for weeks now and the market message seems unchanged: the path of least resistance for equities remains upward with brief pullbacks along the way. 

Be well,
Mike

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